HFF Closes Sale of 311-Unit Floresta

Miami — The Miami office of HFF (Holliday Fenoglio Fowler L.P.) announced today that it has closed the sale of Floresta, a 311-unit, Class A apartment community in Jupiter, Fla. The HFF investment sales team was led by Director George Vail, Executive Managing Director Manuel de Zárraga and Director Ike Ojala who marketed the property on behalf of the seller, Tarragon Corp. The property was purchased by a confidential buyer for an undisclosed amount free and clear of debt. Floresta is located at 400 Via Royale in Jupiter, close to the new Scripps Research Institute that is currently under construction. Completed in 2004, the 95 percent occupied property has one-, two-, three- and four-bedroom units averaging 1,358 square feet. Residents have access to a clubhouse, fitness center, outdoor swimming pool, massage room, tennis court and multi-purpose court. The 33-acre site also features a four-acre lake with nature trails. Parking is available in garages, carports and surface spots.“Floresta is considered to be a ‘best-in-class’ apartment community, given its well thought-out and varied floor plans, high-quality newer construction, extensive on-site amenities, condominium quality interior finishes and a highly accessible location in the affluent residential community of Jupiter,” says Vail.Previously, HFF closed the sale of Vintage at Abacoa on behalf of Tarragon Corp. in November 2007. Additional team members on the Floresta transaction included Joe Morningstar, a senior managing director with HFF New York and Mona Carlton, a senior managing director with HFF Dallas.  HFF operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. It offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.